In this episode, we are going to talk about realtors and the top three things to remember when working with them. These are things that new investors often overlook. I've been working with a realtor since day one and they're an integral part of my business. Sometimes I get frustrated trying to find the right one, but there are a lot of great realtors out there and they're running a business too.
Here are some of the things that you should keep in mind in order to get the best results and have the best possible working relationships with them:
Realtors are in business to make money. They will be much more receptive after they make money with you. I don't care how nice, friendly, or charismatic you are--if they don't ever make money as a result of working with you, they will not be as motivated. On the flip side, once you flip a few houses with a realtor, they're going to be very receptive, quick to answer your call, and very open to go above and beyond because they know that they will make money as a result of working with you. They're running a business, not a charity.
Most realtors do not understand real estate investing. This is the biggest hurdle that I've had to deal with working with some realtors in the past. They don't seem to understand how I determine whether a lead is going to be profitable in my business. And in all fairness, not all investors have the same formula for determining what a good deal is. But, if you give them your criteria and your formula, that should help them be more clear when they send you leads. You need to give them a simple and quick formula that they can use to determine whether or not a lead that they want to send you is a good one. Try to make it as streamlined as possible. Make sure you find a realtor who is interested in giving you the information you want.
Some realtors are better than others--find one that you work well with. It's not that if they don't work with you the way you want, they're not good realtors. I tend to look for newer realtors who are aggressive, hungry, and open to my ideas. I find that they're more flexible and teachable. They have to be interested in finding out how they can help you. And when you find someone you work with well, stick with them as your business grows. If someone's willing to put in hard work in the beginning, they should be rewarded for that.
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